Why Urovant Sciences Stock Is Skyrocketing Today

Shares of Urovant Sciences (NASDAQ: UROV) were skyrocketing 93.8% higher as of 11:40 a.m. EST on Friday. The huge gain came after the company announced that it has entered into a definitive agreement to be acquired by Sumitovant Biopharma for $584 million.

Sumitovant Biopharma was already Urovant's largest shareholder, owning around 72% of the company. Urovant CEO James Robinson said his company has "been partnering closely with [Sumitovant] on plans to efficiently launch vibegron and achieve scale as quickly as possible." Vibegron is Urovant's lead pipeline candidate that's in late-stage testing for potentially treating overactive bladder.

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Source Fool.com